When you have created an invention that solves a problem or provides an innovative way of doing something, one of the most rewarding outcomes is seeing your idea in use. However, getting your product into the hands of interested consumers can be one of the most challenging parts of running your business. At Dunlap & Seeger, we understand the complications that Minnesota entrepreneurs face when working towards the launch of a new product.
If your company is not in the position to produce excessive quantities of product in compliance with consumer demand, or if you lack the resources necessary to efficiently manufacture product components, you may consider licensing your innovation to someone that can. With a patent in place, you can confidently rely on the core competencies and expertise of a third-party to undertake your manufacturing processes and provide your consumer with a top-of-the-line product.
According to Chron, one of the most critical steps of licensing a deal of any kind is to take your time negotiating terms that will protect your company, your intellectual property, and your end-product. Failing to pay attention to the details when creating a deal could result in you losing control of your company in a high-risk deal that is disadvantageous to you in the long run.
When you are weighing your options and considering a licensing deal, always be careful to articulate terms that allow room for opportunity and growth without compromising your success or the quality of the product you have created. For more information about licensing, visit our web page.